After a spectacular climb of over 150% in 2023, Cardano (ADA) has reached a new yearly high, touching a peak of $0.67 for the second time last month.
Notably, the increase coincides with an impressive rise in important Cardano ecosystem components, with the leading Decentralized Exchange (DEX) Minswap witnessing an astounding 26,000% gain and drawing a sizable influx of new users.
On its one-day timeframe, Cardano, the eighth-largest cryptocurrency by market value, and currently trading at $0.61, is now exhibiting optimistic signals. The digital currency’s trajectory indicates that, despite a minor growth of 1.28% over the past week, a retest of the $1 threshold may occur soon.
Monthly stats are here!
Highlights
Trading Volume up BIG (+166.80%) to 300mn USD for the month, mostly from $SNEK and $FREN.
— Minswap Labs (@MinswapDEX) January 1, 2024
Prominent analyst Dan Gambriello emphasizes how Cardano depends on the dynamics of the Bitcoin market to make significant gains. He points out that ADA emerged from a crucial symmetrical triangle and suggests $0.80 as a possible target.
In spite of this bullish forecast, he cautions about the barrier the 200-week moving average presents, indicating a possible obstacle or reassuring element for Cardano’s upward journey.
Cardano Faces Resistance, Struggles Persist
Cardano’s critical resistance zone, according to cryptocurrency expert LuckSide, is $0.60 to $0.67. There are two situations that could occur: an increase to $0.70 or a probable decrease to $0.40.
Notwithstanding regulatory obstacles, such as monitoring from the SEC, the analyst continues to have an optimistic prognosis for Cardano in 2024.
Meanwhile, when comparing Total Value Locked (TVL) and decentralized exchange (DEX) volumes, Cardano has found itself lagging behind prominent platforms such as Solana (SOL) and Avalanche (AVAX).
Despite witnessing significant growth in both TVL and DEX volumes over recent months, Cardano continues to face the challenge of attaining parity with other Layer-1 blockchains. Although strides have been made, reaching a comparable standing remains an ongoing endeavor for the Cardano ecosystem.
The Total Value Locked (TVL) chart shows that Avalanche C-Chain has the highest TVL, followed by Solana and then Cardano. However, all three blockchains have seen…
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